During the recent market crash, Bitcoin whales seized the opportunity to accumulate significant amounts of Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization. On August 6, 2024, a well-known analyst posted on X (formerly Twitter) that whales had acquired over 30,000 BTC, valued at $1.62 billion, in the last 48 hours.
BTC Whales add 30k BTC in the last 48 hours
This substantial accumulation was detected through a surge in exchange outflow and a decrease in the amount of BTC held on exchanges, as mentioned in the post.
Currently, BTC is trading around the $55,000 mark and has seen a price increase of over 10% in the past 24 hours. However, its trading volume has dropped by 30%, indicating reduced participation from investors and traders.
Current market sentiment
Despite the significant accumulation and market recovery, the Fear and Greed index remains at 17, signaling extreme fear in the market.
At present, the global market sentiment is bearish, possibly influenced by Japan’s recent interest rate update. Nevertheless, the market appears to be recovering. During this rebound, the Japan 225 chart mirrors the BTC chart in a 4-hour timeframe, according to TradingView data.
Both charts are currently facing rejection from the exponential moving average (EMA).
Bitcoin price prediction
Based on expert technical analysis, Bitcoin appears bearish and is consolidating within a narrow range of $54,000 to $56,100 in a 4-hour timeframe. The range from $56,000 to $57,000 acts as a strong resistance level, while $54,000 serves as a minor support level.
The breakout or breakdown of this consolidation will determine the next move for BTC. If Bitcoin breaks above a crucial resistance level and closes a 4-hour candle above $57,000, it could potentially reach $60,000. Conversely, breaching the support level and closing a 4-hour candle below $54,000 might lead to a retreat to the previous $50,000 level.
There is a strong possibility that BTC could surpass the $57,000 level to fill the BTC CME gap.
